MAG Silver Reports Second Quarter Financial Results
VANCOUVER, British Columbia, Aug. 15, 2022 -- MAG Silver Corp. (TSX / NYSE American: MAG) ("MAG", or the "Company") announces the Company's unaudited financial results for the three and six months ended June 30, 2022. For details of the unaudited condensed interim consolidated financial statements and Management's Discussion and Analysis for the three and six months ended June 30, 2022, please see the Company's filings on SEDAR (www.sedar.com) or on EDGAR (www.sec.gov).
All amounts herein are reported in $000s of United States dollars ("US$") unless otherwise specified.
OPERATIONAL - Juanicipio owned 44% by MAG Silver
For the three months ended June 30, 2022, on a 100% basis:
A record 154,069 tonnes of mineralized development and stope material were campaign processed through the Saucito and Fresnillo plants, with 2,207,626 payable silver ounces, 5,119 payable gold ounces, 1,016 payable tonnes of lead and 1,599 payable tonnes of zinc produced and sold;
Average silver head grade for the quarter was 567 grams per tonne ("g/t"); and
Pre-commercial production sales (net of treatment and processing costs) totaled $55,224 for the quarter, less $17,962 in mining and transportation costs and depreciation and amortization, netting $37,262 in gross profit by Juanicipio in the quarter.
At the end of the quarter, Juanicipio held cash balances of $37,504 up from $18,261 at the end of Q1.
As reported by the operator Fresnillo, tie-in to the national power grid is expected in the coming weeks, with the expectation to ramp up the Juanicipio processing plant to 85-90% of nameplate capacity by year end.
- Category: Silver / Gold
- Published: 15 August 2022
- Written by Editor